Resolute Mining Limited — Investor Presentation 2011

Jun 21, 2011

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ASX
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Announcement
ACN 097 088 689
22 JUNE 2011 1
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CHIEF EXECUTIVE OFFICER’S PRESENTATION FOR EUROPEAN ROADSHOW

Attached is a copy of the Chief Executive Officer’s presentation to be given on a European Roadshow.

For and on behalf of the Board

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GREG FITZGERALD Company Secretary

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CO MPANY
PRESENTATION
June 2011
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A GOLDEN VALUE OPPORTUNITY

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GOLD CREDENTIALS

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• Gold Mines: Syama, Mali Ravenswood, Australia Golden Pride, Tanzania

• Production: FY11 330,000oz, FY10 352,303oz 3[rd] Lar g est Gold Producer on ASX 100% Unhedged

• Reserves: 3.5Mozs Total Resources: 10.4Mozs

• Development: Advanced Projects to Increase Production an d Mi ne Lif e at yama an S d R avenswoo d Ongoing Resource - Reserve Conversion

• Exploration: Large Prospective West - African Landholding Mt Wright-style Targets in Australia

*30 June 2010 attributable +Sarsfield upgrade at Ravenswood

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CASH RETURNS

• Growing Production Profile

• Falling Cash Costs

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500
450
400
350
300
250
200
150
100
50
0
2010(A) 2011(F) 2012(F) 2013(F)
Syama
Mt Wi g ht
Sarsfield
Golden Pride
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• Strong Cash Generation

• High Gold Price Leverage

• Si g nificant Liabilit y Reduction to Dec 11

• Secured Debt Repayments to Dec 11 US$30M and A$37M

• Potential Con Note Conversion Dec 11 $67M

  • Potential Option Exercise Dec 11 $32M

• Undervalued Compared to Peers

• Strong Base for Growth

• Organic and M&A

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CORPORATE SUMMARY

Capitalisation

• Issued Shares (ASX: RSG): 467 million

• • Issued Options (ASX: RSGO): 51 million • Iss u ed Con Notes (ASX : RSGG) 137million • 12 Mth Share Price Range: A$1.53 – $0.72 • Market Cap (undiluted): A$519 million

Debt

• Secured US$32.5 + A$37 million

• • Other A$10.0 million • Deferred Put Premium US$5.6 million

Cash & Bullion (31 March 11) A$33.7 million

Major Shareholders

• M&G Investments 19.1%

• • Alliance Life Common Fund 17.1% • Baker Steel 9.9% • Acorn Capital 6.5%

Board of Directors

• Peter Huston Non Exec Chairman

• • Peter Sullivan Managing Director • Tom Ford Non Executive Director • Bill Price Non Executive Director

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A CLEAR VALUE OPPORTUNITY

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Moz ASX Peer Gold Production FY11
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
Based on company guidance or
broker research when unavailable
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A CLEAR VALUE OPPORTUNITY

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Moz ASX Peer Gold Reserves
6
5
4
3
2
1
0
Based on latest ASX filings
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A CLEAR VALUE OPPORTUNITY
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$M Market Capitalisation
2500
2000
1500
1000
500
0
Undiluted closing value 17 June, 2011
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SYAMA

• Cornerstone Asset of Resolute

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• ( Resolute 80%, Mali Govt 20%)

• Operation is Basis of Major West African Position

• Over 6Moz of Contained Gold with Substantial Exploration Upside

• 10+ Year Operation

• Ramping Up to Annual Production to 250,000oz+

• Further Production Upside

• Pit Expansion

• Oxide Circuit

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SYAMA OPERATIONS

• Production Ramp Up Making Good Progress After Experiencing Early Commissioning Issues

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• Mechanical Consistency Improving

• Metallurgical Performance Confirms Process Desi g n

• 1H FY11 Gold Production 47,340oz @ Cash Cost US$1045/oz

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• Significant Production Increase and Cash Cost Decrease Underway

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SYAMA PIT EXPANSION

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• Resource Of +3.0Moz Below Current Pit Desi g n

• New Pit Reoptimisation and Redesign Based on US$1200/oz Gold Price

• Add 900Koz to Reserve and Extends 85m Deeper

• Feasibility Study Into Pit Expansion to be Completed in 2011

• Underground Plan to be Revised

• Ore Body Remains Open at Depth

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SYAMA OXIDE CIRCUIT

• Resources of 1.0Moz+ Along Strike North, South of Main Pit

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A21 - Quartz Vein Hill
Oxide mineralisation over
6 km
•
A21/QVH 601K oz
resource
Alpha/Syama Extension
•
Alpha 101K oz resource
Syama Ext 162K oz
resource
•
Main Pit
Tellem - Paysans
•
12 km of unexplored
strike
Tellem 165K oz •
resource
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• Potential to Increase Production and Extend Syama Mine Life

• Low Capital Costs By Using Existing Morgardshammar Mill

• Dedicated Oxide Circuit

• Deliver Extra ~70,000ozpa

• Capital Cost Estimate US$38M

• • 7 Year Life

• Final Feasibility Study in 2011

• Drilling To Improve Resource Inventory

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SYAMA NORTH EXPLORATION UPSIDE

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A21/Quartz Vein Hill : Infill and extension RC drilling on 50m traverses

Initial resource of 601,000oz @ 2.5g/t Au

Alpha : Infill and extension RC drilling on 50m traverses.

Initial resource of 101,000oz @ 1.8g/t Au

Syama Extended : Infill and extension RC drilling on 50m traverses

Initial resource of 162,000oz @ 2.5g/t Au

Other Targets: Untested extensions to QVH/A21 , Ba01 and Samory, All Untested below 100m

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SYAMA SOUTH EXPLORATION UPSIDE

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Tellem : RC drilling on 50-100m traverses.Continuous mineralisation over 4000m – Open along strike

Initial resource of 165,000oz @ 2.5g/t Au

Paysans: Broad spaced (200m) aircore traverses. Continuous mineralisation over 1400m. Open along strike .

Senufo-Salikou: Broad spaced (200-600m) aircore traverses. Continuous mineralisation over 1000m. O pen a ong s r l t ik e.

Other Targets: 12km of underexplored strike rema ns to e teste i b d , All U nteste d b e ow l 100 m

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SYAMA GRID POWER CONNECTION

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• Current Diesel Power Generation Costs ~ 1/3 of Syama ’ s Cash Operating Costs

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• West African Power Pool Interconnection with Cote d’Ivoire Under Construction

• Grid to be Commissioned in Sikasso 2011

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• Connection to Syama will Substantially Reduce Mine’s Power Generation Costs

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• Grid Connection Capital Cost Estimated US$42.2M

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Sikasso Substation Progress July 2010 – 80% completed
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SYAMA REGIONAL EXPLORATION UPSIDE

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• Located in Prolific West African Birimian Greenstone Belt

• Tenure Covers ~75km of the Highly Prospective and Under Explored Syama Shear

• Activel y Pursuin g Other Nearb y Prospective Tenure

• Tabakoroni Feasibilit y Submitted in July 2010. Awaiting Approval of Exploitation Permit

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COTE D IVOIRE EXPLORATION

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• Focus on the Under Explored, World - Class Birimian Terrains of West Africa

• ~10 , 000s q km of Permits Coverin g over 200km of Greenstone Belts NE of Newcrest Mining’s Bonikro Mine

• Broad Scale 1km x1km Multi Element Sampling Targeting Large Scale Deposits

• Ten High Priority Multi Element Soil Anomalies Delineated

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RAVENSWOOD

• Over 1.5Moz in Reserves

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• 1H FY11 Gold Production 57,076oz @ Cash Cost A$952/oz

• Mt Wright Underground Mine Becoming Main Ore Source

• Expansion of Previously Mined Sarsfield Open Pit Extends Ravenswood Mine Life to 10 Years

• Multiple Mount Wright/Kidston Style Targets Identified and Drilling of First Target Intersected 113m @ 7.7g/t Au from 316m

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MOUNT WRIGHT

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• Mining Ramp Up with Sub Level Shrinkage Method Established

• Production target 1.0mpta @ 3.5g/t for ~ 100 , 000ozpa

• Reserve Additions with Infill Drilling from 720mRL to 600mRL

• Further Testing for Depth Extension ( 600mRL to 300mRL ) to Commence

• Adjacent Granite Breccia Prospective

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SARSFIELD OPEN PIT

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• Mining Ceased in Early 2009, Pit Designed at A$800/oz

• Reserve of 1.0Moz Below Current Pit

• Estimated Capital Cost $72M to Restart Mining and Treatment

• Downsized Nolans Plant Easily Reconfigured to Increase Capacity from 1Mtpa to 5Mtpa for Very Low Capital Cost

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WELCOME BRECCIA

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• New Discovery Near Ravenswood Plant (Resolute 80%)

• WED003 Intersected a Spectacular 113m @ 7.7g/t Au from 316m

• Mineralisation is Plunging Steeply and Remains O p en at De p th.

• Initial Resource Estimate 2.04Mt @ 3.18g/t Au for 208,000oz

• Welcome Breccia the First of Five Mt Wright Style Targets to be Tested in the District

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GOLDEN PRIDE

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• 300,000oz in Reserves

• 1H FY11 Gold Production 57,232oz @ Cash Cost of US$708/oz

• Mining to Final Pit Design With 2 Year P ro d uc ti on Lif e

• Mine Planning for Near Pit Deposits

• Exploration Focus for Longevity

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GOLDEN PRIDE
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• Incremental Reserve Additions of ~50 , 000oz at Ma j i / Southern Oxides

• Assessments of Terry’s Target , ATM and Far East Ongoing

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NYAKAFURU

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• 1.0Moz resource
• 120kms from GP
• R ev ew ng eve opmen i i D l t
Options
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SUMMARY

• Substantial Exploration, Development and Operational Experience

• Early Mover into West Africa

• Strong Long Term Production Profile

• Moving to Cash Generation Phase

• Highly Leveraged to Strong Gold Price Environment

• De-gearing Balance Sheet

• Growth Options Becoming Focus

• Extensive Range of Organic Value Add Projects

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THANK YOU

DISCLAIMER

• This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute Mining. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by Resolute Mining, of the anticipated future performance of Resolute Mining’s business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, which may prove to be incorrect. uch projections and estimates are not necessarily indicative of future performance, which S may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this presentation including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value of future results. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in R eso l u t e Minin g Limit ed .

• The information in this presentation as it relates to ore reserves, mineral resources or mineralisation is reported in accordance with the Aus.IMM “Australian Code for reporting of Identified Mineral Resources and Ore Reserves” and is based on information compiled by R Bray, a competent person as defined by the code. R Bray has consented to the inclusion in this report of the numbers based on the information in the form and context in which it appears. “Significant” drill results refer to results that are indicative of potentially economic mineralisation or that warrant follow-up work. All Reserves Resources as at 30 June 2010

• In providing this presentation, Resolute Mining has not considered the objectives, financial position or the needs of the recipient. The recipient should obtain and rely on its own financial advice from its tax legal accounting and other professional advisers in respect of the recipients objectives financial position and needs. To the maximum extent permitted by law neither Resolute Mining nor s re a it l t e d corpora ti ons , di rec t ors, emp oyees or agen l t s nor any o th er person accep t s a li bilit y or any oss ar s ng rom f l i i f th e use o f this presentation or its contents or otherwise arising in connection with it. You represent and confirm by attending and or retaining this presentation that you accept the above conditions.